CBS is merging with Viacom after months of negotiations, reuniting the two companies for the first time since they split in 2005. The deal will increase CBS’s content offering to customers — a growing importance as the streaming wars heat up.

The company will be rebranded to ViacomCBS, according to a press release, with Bob Bakish, the current CEO of Viacom, becoming CEO of both companies under the merger.
It will take months for the actual deal to close, with Joe Ianniello, acting CEO of CBS, set to report to Bakish into 2021, according to Bloomberg. The merger was approved in a unanimous vote by both boards. The move means the company is sitting at a value of roughly $30 billion, according to TheWall Street Journal.